Wednesday, November 4, 2015

The Volkswagen emissions scandal continued yesterday with the company announcing 800,000 mainly diesel vehicles may also be affected by carbon dioxide emissions problems.

The company stated “the safety of the vehicles is in no way compromised”. They estimated potentially this could cost them €2bn on top of the €6.7bn set aside to pay for the cost of correcting 11 million cars affected when the scandal broke, in addition to fines by regulators.

This follows Monday’s revelation that the emissions scandal has affected up to 10,000 vehicles sold in the USA by brands in the Volkswagen group, although the company refutes the allegation. The United States Environmental Protection Agency (EPA), the regulatory body which has been investigating Volkswagen, claims the company fitted a number of recent Audi, Porsche, and Volkswagen models with technology that initiates secret components during emission tests to ensure the results are favourable.

The scandal began with damaging revelations that the car manufacturer has been using illegal software to enable diesel cars to cheat on mandatory emissions tests. This lead to a public apology on September 20 by then-chief executive Martin Winterkorn and the promise of an outside inquiry. He then resigned on September 23, and was replaced by Matthias Müller. The new allegation about Porsche is of particular concern for Müller, because he had previously been in charge of Porsche.

The company is expected to foot the bill for the recall of close to 500,000 VW and Audi cars affected at the time. There is also the possibility of Volkswagen having to pay federal fines of up to US$18 billion dollars because the US Clean Air Act sets a maximum fine of US$37,500 for each vehicle that contravenes the requirements of the Act.

An investigation into alleged breaches of environmental law was originally initiated on the advice of the International Council on Clean Transportation, a European non-governmental organisation. The EPA requested tests be carried out by West Virginia University, where the secret software was discovered.

The software, known as a “defeat device”, enabled cars to identify when they were being tested and to switch on the emission control system. The devices may have been adding urea to the car exhaust because that would reduce the amount of nitrogen dioxide. The car would release a fraction of the nitrogen oxide compared to when they were being driven normally. Emissions of nitrogen oxide contribute to smog and are thought to have caused a rise in respiratory illnesses like asthma.

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

Tuesday, April 14, 2020

In February 2017, the Iranian Chess Federation announced two teenage chess players, Dorsa Derakhshani and her younger brother Borna Derakhshani, were banned from representing the national team. The federation announced their decision although Dorsa Derakhshani had previously decided and informed the chess federation she did not wish to play for Iran.

Dorsa Derakhshani is currently 21 years old and holds the International Master (IM) as well as Woman Grand Master (WGM) titles. Her brother, Borna, plays for the English Federation and holds the FIDE Master title.

Dorsa Derakhshani was banned since she did not wear a hijab, an Islamic headscarf, while competing at the Tradewise Gibraltar Chess Festival in January 2017. Under the laws of Islamic Republic of Iran, hijab is a mandatory dress code. Her brother Borna Deraskhsani was banned for playing against Israeli Grand Master (GM) Alexander Huzman at the same tournament. Iran does not recognise the existence of Israel, and previously, Irani athletes have avoided playing against Israeli athletes.

Mehrdad Pahlavanzadeh, the president of the country’s chess federation, explained the decision to ban the players saying, “As a first step, these two will be denied entry to all tournaments taking place in Iran and in the name of Iran, they will no longer be allowed the opportunity to be present on the national team.” ^{((fa))Farsi language: ?????? ????? ?? ??? ??? ?? ??? ????? ?? ?? ???? ???????? ?? ?? ????? ? ?? ??? ????? ?????? ??????? ????? ??????? ? ???? ???? ???? ?? ??? ??? ?? ??????? ????.} He further stated, “Unfortunately, something that should not have happened has happened and our national interest is paramount and we have reported this position to the Ministry of Sports.” ^{((fa))Farsi language: ????????? ?????? ?? ????? ????????? ?????? ??? ? ????? ??? ?? ?? ?? ???? ?????? ???? ? ?? ??? ???? ?? ?? ????? ???? ?? ????? ?????.}

IM Dorsa Derakhshani, who currently studies at Saint Louis University in the United States and plays for the United States Chess Federation, discussed her chess career, time in Iran and the 2017 controversy, and her life in Saint Louis with a Wikinews correspondent.

Monday, January 31, 2005

Metlife announced on 01/31/05 that they were going to acquire Travelers Life and Annuity from Citigroup. Travelers Life and Annuity is an insurance underwriter. MetLife is a large life insurance and annuities underwriter. MetLife will have to borrow a lot of money to pay for the company, so rating agencies like S&P warn that the AA credit rating of MetLife might be lowered. This would cause the interest rates at which all of MetLife’s debt must be repaid to increase.

Citigroup committed to continue distributing Travelers life insurance and annuities through its Smith Barney stock brokers, Primerica agents, and Citibank branches.

Citigroup was previously known as Travelers Insurance before it bought Citicorp. First the Property and Casualty business of Travelers was spun off, and now the life insurance division has been sold off. This is primarily because insurance underwriters get a lower price to earnings multiple from the stock market because of the cycles and uncertainty associated with the insurance business. Also, having an insurance underwriter and a bank together does not usually create “cross-sell” opportunities, because consumers and businesses almost always buy life insurance and annuities through brokers who have a duty to give them other options. Citigroup will continue to sell insurance through its brokers as before.

Tuesday, March 6, 2007

Manchester United will be taking on eleven of the top players in Europe in a celebration match next Tuesday at Old Trafford, and the lineup for the European XI is coming together nicely. The game is a UEFA-Manchester United collaboration created to commemorate not only the 50th anniversary of the signing of the Treaty of Rome, but also the 50th anniversary of Manchester United entering into European club competitions. Funds raised in the match will go to support the Manchester United Foundation, which works with local charities as well as UNICEF to aid children in need. Italian Marcello Lippi will be in charge of coaching the European XI side, and his assistant will be Andy Roxburgh. Confirmed players have slowly been filing into the team, but with current Manchester United on-loan striker Henrik Larsson confirmed, the XI is now complete.

Friday, April 29, 2011

Apple Inc. CEO Steve Jobs announced on Wednesday that iPhone technology is not being used to monitor the location of its customers. The scandal arose from concern that data collected by Apple would make it possible for anyone with access to a person’s private computer to retrieve information about their movements.

Jobs acknowledged that while iPhones keep a database of Wi-Fi and cell tower hotspots these do not reveal anything about individual users’ location. “That’s what people saw on the phone and mistook it for location”

In a separate statement, Apple clarified the device is merely caching data in order to improve the speed of locating users in the future.

Jobs confirmed during the interview that Apple would testify before the United States Congress. “They have asked us to come and we will honour their request, of course.”

Apple have since made plans to release software updates that will cut the size of the wireless hotspot location database stored on its iPhones.

The data scandal, coined ‘Location-gate’ has overshadowed news of Apple’s announcement for sales of the delayed white iPhone 4 which will begin shipping from Thursday.

Sunday, September 28, 2008

A fire on Saturday destroyed the main hall of the Egyptian National Theatre in Cairo. Six people have been injured including three firefighters. No one was in the theatre at the time as it was closed for the weekend.

Egyptian state culture minister Faruq Hosni, said “The fire broke out in the main hall of the theatre. It was probably caused by an electrical short circuit.”

Ataba Square was filled with thick white smoke just after sunset as a total of 22 fire engines responded. Egyptian riot police were also deployed to keep crowds of people back while the firefighters attempted to extinguish the blaze.

A civil defence officer described the fire as being almost contained, following a brief burst of high winds which blew the flames towards neighbouring shops and other buildings. The three firefighters were admitted to hospital suffering from the effects of smoke inhalation.

Brig. Gen. Nasr Zakaria, a senior officer of the Civil Defence Service, later confirmed Minister Hosni’s earlier statement, telling MENA (Middle East News Agency) that an electrical short had indeed caused the fire, by triggering an explosion in the theatres air conditioning system.